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Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Composition of Investment Portfolio by Major Security Type | The composition of the investment portfolio by major security type and our outstanding debt was:
| Fair Value |  |
(millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Cost
September 30, 2025 |  |  |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |  |  |
U.S. government obligations | $ | 51,339 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 51,339 |  |  | $ | 51,021 |
State and local government obligations | 0 |  |  | 3,275 |  |  | 0 |  |  | 3,275 |  |  | 3,320 |
Foreign government obligations | 0 |  |  | 16 |  |  | 0 |  |  | 16 |  |  | 16 |
Corporate and other debt securities | 0 |  |  | 18,812 |  |  | 5 |  |  | 18,817 |  |  | 18,621 |
Residential mortgage-backed securities | 0 |  |  | 3,000 |  |  | 0 |  |  | 3,000 |  |  | 2,979 |
Commercial mortgage-backed securities | 0 |  |  | 5,686 |  |  | 0 |  |  | 5,686 |  |  | 5,916 |
Other asset-backed securities | 0 |  |  | 6,376 |  |  | 0 |  |  | 6,376 |  |  | 6,374 |
Total fixed maturities | 51,339 |  |  | 37,165 |  |  | 5 |  |  | 88,509 |  |  | 88,247 |
Short-term investments | 1,414 |  |  | 101 |  |  | 0 |  |  | 1,515 |  |  | 1,515 |
Total available-for-sale securities | 52,753 |  |  | 37,266 |  |  | 5 |  |  | 90,024 |  |  | 89,762 |
Equity securities: |  |  |  |  |  |  |  |  |
Nonredeemable preferred stocks | 0 |  |  | 378 |  |  | 60 |  |  | 438 |  |  | 454 |
Common equities: |  |  |  |  |  |  |  |  |
Common stocks | 4,004 |  |  | 0 |  |  | 9 |  |  | 4,013 |  |  | 774 |
Other risk investments | 0 |  |  | 0 |  |  | 34 |  |  | 34 |  |  | 34 |
Subtotal common equities | 4,004 |  |  | 0 |  |  | 43 |  |  | 4,047 |  |  | 808 |
Total equity securities | 4,004 |  |  | 378 |  |  | 103 |  |  | 4,485 |  |  | 1,262 |
Total portfolio | $ | 56,757 |  |  | $ | 37,644 |  |  | $ | 108 |  |  | $ | 94,509 |  |  | $ | 91,024 |
Debt | $ | 0 |  |  | $ | 6,398 |  |  | $ | 0 |  |  | $ | 6,398 |  |  | $ | 6,896 |
| Fair Value |  |
(millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Cost
September 30, 2024 |  |  |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |  |  |
U.S. government obligations | $ | 44,429 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 44,429 |  |  | $ | 44,231 |
State and local government obligations | 0 |  |  | 2,601 |  |  | 0 |  |  | 2,601 |  |  | 2,681 |
Foreign government obligations | 0 |  |  | 16 |  |  | 0 |  |  | 16 |  |  | 17 |
Corporate and other debt securities | 0 |  |  | 15,033 |  |  | 3 |  |  | 15,036 |  |  | 14,970 |
Residential mortgage-backed securities | 0 |  |  | 1,424 |  |  | 0 |  |  | 1,424 |  |  | 1,404 |
Commercial mortgage-backed securities | 0 |  |  | 4,291 |  |  | 0 |  |  | 4,291 |  |  | 4,664 |
Other asset-backed securities | 0 |  |  | 6,614 |  |  | 0 |  |  | 6,614 |  |  | 6,628 |
Total fixed maturities | 44,429 |  |  | 29,979 |  |  | 3 |  |  | 74,411 |  |  | 74,595 |
Short-term investments | 755 |  |  | 2 |  |  | 0 |  |  | 757 |  |  | 757 |
Total available-for-sale securities | 45,184 |  |  | 29,981 |  |  | 3 |  |  | 75,168 |  |  | 75,352 |
Equity securities: |  |  |  |  |  |  |  |  |
Nonredeemable preferred stocks | 0 |  |  | 683 |  |  | 52 |  |  | 735 |  |  | 760 |
Common equities: |  |  |  |  |  |  |  |  |
Common stocks | 3,452 |  |  | 0 |  |  | 22 |  |  | 3,474 |  |  | 710 |
Other risk investments | 0 |  |  | 0 |  |  | 23 |  |  | 23 |  |  | 23 |
Subtotal common equities | 3,452 |  |  | 0 |  |  | 45 |  |  | 3,497 |  |  | 733 |
Total equity securities | 3,452 |  |  | 683 |  |  | 97 |  |  | 4,232 |  |  | 1,493 |
Total portfolio | $ | 48,636 |  |  | $ | 30,664 |  |  | $ | 100 |  |  | $ | 79,400 |  |  | $ | 76,845 |
Debt | $ | 0 |  |  | $ | 6,498 |  |  | $ | 0 |  |  | $ | 6,498 |  |  | $ | 6,892 |
| Fair Value |  |
(millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Cost
December 31, 2024 |  |  |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |  |  |
U.S. government obligations | $ | 45,988 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 45,988 |  |  | $ | 47,103 |
State and local government obligations | 0 |  |  | 2,778 |  |  | 0 |  |  | 2,778 |  |  | 2,893 |
Foreign government obligations | 0 |  |  | 16 |  |  | 0 |  |  | 16 |  |  | 16 |
Corporate and other debt securities | 0 |  |  | 13,949 |  |  | 5 |  |  | 13,954 |  |  | 14,111 |
Residential mortgage-backed securities | 0 |  |  | 1,601 |  |  | 0 |  |  | 1,601 |  |  | 1,600 |
Commercial mortgage-backed securities | 0 |  |  | 4,352 |  |  | 0 |  |  | 4,352 |  |  | 4,721 |
Other asset-backed securities | 0 |  |  | 6,643 |  |  | 0 |  |  | 6,643 |  |  | 6,682 |
Total fixed maturities | 45,988 |  |  | 29,339 |  |  | 5 |  |  | 75,332 |  |  | 77,126 |
Short-term investments | 613 |  |  | 2 |  |  | 0 |  |  | 615 |  |  | 615 |
Total available-for-sale securities | 46,601 |  |  | 29,341 |  |  | 5 |  |  | 75,947 |  |  | 77,741 |
Equity securities: |  |  |  |  |  |  |  |  |
Nonredeemable preferred stocks | 0 |  |  | 676 |  |  | 52 |  |  | 728 |  |  | 756 |
Common equities: |  |  |  |  |  |  |  |  |
Common stocks | 3,527 |  |  | 0 |  |  | 23 |  |  | 3,550 |  |  | 720 |
Other risk investments | 0 |  |  | 0 |  |  | 25 |  |  | 25 |  |  | 25 |
Subtotal common equities | 3,527 |  |  | 0 |  |  | 48 |  |  | 3,575 |  |  | 745 |
Total equity securities | 3,527 |  |  | 676 |  |  | 100 |  |  | 4,303 |  |  | 1,501 |
Total portfolio | $ | 50,128 |  |  | $ | 30,017 |  |  | $ | 105 |  |  | $ | 80,250 |  |  | $ | 79,242 |
Debt | $ | 0 |  |  | $ | 6,173 |  |  | $ | 0 |  |  | $ | 6,173 |  |  | $ | 6,893 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables provide a summary of changes in fair value associated with Level 3 assets for the three and nine months ended September 30, 2025 and 2024:
(millions) | Fair Value at June 30, 2025 | Calls/ Maturities/ Paydowns/Other | Purchases | Sales | Net Realized (Gain)/Loss on Sales | Change in Valuation 1 | Net Transfers In (Out) | Fair Value at September 30, 2025
Fixed maturities: |  |  |  |  |  |  |  |
Corporate and other debt securities | $ | 5 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 5 |
Equity securities: |  |  |  |  |  |  |  |
Nonredeemable preferred stocks | 60 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 60 |
Common equities: |  |  |  |  |  |  |  |
Common stocks | 9 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 9 |
Other risk investments | 32 |  | 2 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 34 |
Total Level 3 securities | $ | 106 |  | $ | 2 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 108 |
(millions) | Fair Value at June 30, 2024 | Calls/ Maturities/ Paydowns/Other | Purchases | Sales | Net Realized (Gain)/Loss on Sales | Change in Valuation 1 | Net Transfers In (Out) | Fair Value at September 30, 2024
Fixed maturities: |  |  |  |  |  |  |  |
Corporate and other debt securities | $ | 3 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 3 |
Equity securities: |  |  |  |  |  |  |  |
Nonredeemable preferred stocks | 52 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 52 |
Common equities: |  |  |  |  |  |  |  |
Common stocks | 22 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 22 |
Other risk investments | 24 |  | (1) |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 23 |
Total Level 3 securities | $ | 101 |  | $ | (1) |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 100 |
(millions) | Fair Value at December 31, 2024 | Calls/ Maturities/ Paydowns/Other | Purchases | Sales | Net Realized (Gain)/Loss on Sales | Change in Valuation 1 | Net Transfers In (Out) | Fair Value at September 30, 2025
Fixed maturities: |  |  |  |  |  |  |  |
Corporate and other debt securities | $ | 5 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 5 |
Equity securities: |  |  |  |  |  |  |  |
Nonredeemable preferred stocks | 52 |  | 0 |  | 8 |  | 0 |  | 0 |  | 0 |  | 0 |  | 60 |
Common equities: |  |  |  |  |  |  |  |
Common stocks | 23 |  | 0 |  | 0 |  | 0 |  | 0 |  | (14) |  | 0 |  | 9 |
Other risk investments | 25 |  | 9 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 34 |
Total Level 3 securities | $ | 105 |  | $ | 9 |  | $ | 8 |  | $ | 0 |  | $ | 0 |  | $ | (14) |  | $ | 0 |  | $ | 108 |
(millions) | Fair Value at December 31, 2023 | Calls/ Maturities/ Paydowns/Other | Purchases | Sales | Net Realized (Gain)/Loss on Sales | Change in Valuation 1 | Net Transfers In (Out) | Fair Value at September 30, 2024
Fixed maturities: |  |  |  |  |  |  |  |
Corporate and other debt securities | $ | 3 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 3 |
Equity securities: |  |  |  |  |  |  |  |
Nonredeemable preferred stocks | 64 |  | 0 |  | 0 |  | 0 |  | 0 |  | (12) |  | 0 |  | 52 |
Common equities: |  |  |  |  |  |  |  |
Common stocks | 22 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 22 |
Other risk investments | 21 |  | 2 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 23 |
Total Level 3 securities | $ | 110 |  | $ | 2 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | (12) |  | $ | 0 |  | $ | 100 |
1 For fixed maturities, these amounts are included in accumulated other comprehensive income (loss) on our consolidated balance sheets. For equity securities, these amounts are included in our consolidated statements of comprehensive income.
Fair Value Measurement Inputs and Valuation Techniques | The following tables provide a summary of the quantitative information about Level 3 fair value measurements for our applicable securities at September 30, 2025 and 2024, and December 31, 2024:
($ in millions) | Fair Value at September 30, 2025 | Valuation Technique | Unobservable Input | Range of Input Values Increase (Decrease) | Weighted Average Increase (Decrease)
Fixed maturities: |  |  |  |  |
Corporate and other debt securities | $ | 5 |  | Market comparables | Weighted average market capitalization price change % | (1.0)% to (0.9)% | (1.0) | %
Equity securities: |  |  |  |  |
Nonredeemable preferred stocks | 60 |  | Market comparables | Weighted average market capitalization price change % | (6.6)% to 11.3% | 3.8 | %
Common stocks | 9 |  | Market comparables | Weighted average market capitalization price change % | (21.5)% to 74.6% | 11.3 | %
Subtotal Level 3 securities | 74 |  |  |  |  |
Pricing exemption securities | 34 |  |  |  |  |
Total Level 3 securities | $ | 108 |  |  |  |  |
($ in millions) | Fair Value at September 30, 2024 | Valuation Technique | Unobservable Input | Range of Input Values Increase (Decrease) | Weighted Average Increase (Decrease)
Fixed maturities: |  |  |  |  |
Corporate and other debt securities | $ | 3 |  | Market comparables | Weighted average market capitalization price change % | (3.1)% to 10.9% | 2.6 | %
Equity securities: |  |  |  |  |
Nonredeemable preferred stocks | 52 |  | Market comparables | Weighted average market capitalization price change % | 4.0% to 25.0% | 18.1 | %
Common stocks | 22 |  | Market comparables | Weighted average market capitalization price change % | (19.1)% to 69.6% | 19.0 | %
Subtotal Level 3 securities | 77 |  |  |  |  |
Pricing exemption securities | 23 |  |  |  |  |
Total Level 3 securities | $ | 100 |  |  |  |  |
($ in millions) | Fair Value at December 31, 2024 | Valuation Technique | Unobservable Input | Range of Input Values Increase (Decrease) | Weighted Average Increase (Decrease)
Fixed maturities: |  |  |  |  |
Corporate and other debt securities | $ | 5 |  | Market comparables | Weighted average market capitalization price change % | (1.4)% to (1.3)% | (1.4) | %
Equity securities: |  |  |  |  |
Nonredeemable preferred stocks | 52 |  | Market comparables | Weighted average market capitalization price change % | (14.1)% to 6.0% | (2.7) | %
Common stocks | 23 |  | Market comparables | Weighted average market capitalization price change % | (41.3)% to 95.9% | 6.0 | %
Subtotal Level 3 securities | 80 |  |  |  |  |
Pricing exemption securities | 25 |  |  |  |  |
Total Level 3 securities | $ | 105 |  |  |  |  |

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